The ABS National Accounts confirm what everyone has suspected – i.e. the national economy is growing below its trend rate, at 0.5% in the September quarter, which translates to an annualised growth rate of 2%, when we really want something like 4%. Queensland isn’t looking good, with state final demand falling 1.6% (in seasonally adjusted terms). In part, some of this will be related to State Government fiscal restraint which I expect is only temporary.